WilliamSpain

In addition, the Louisville, Ky.-based liquor and luggage company
BF.B, +0.43%
raised its outlook for fiscal 2006, giving Brown-Forman shares a boost to a new 52-week high.

Brown-Forman said that it earned $108.8 million, or 88 cents a share, up from $101.4 million, or 83 cents, in the year-ago quarter.

On a continuing operations basis, however, the company earned $112.1 million, or 91 cents a share, up from last year's equivalent profit of $93.4 million, or 76 cents a share, and 4 cents ahead of the average estimate of analysts polled by Thomson First Call.

Sales rose 6% to $665.8 million from $627.2 million in the same period a year earlier, also ahead of analysts' average view.

The revenue bounce was fueled by volume growth in Jack Daniel's -- particularly overseas -- and by good results from Finlandia and Southern Comfort, the company said.

Profit growth also benefited from a lower tax and interest expenses, the latter attributable to higher cash balances, the company said.

Based on continued strong consumer demand for its top alcohol brands, Brown-Forman boosted its fiscal 2006 profit target to $2.73 to $2.79 a share on a continuing-operations basis, up from a range of $2.65 to $2.75 a share previously.

Brown-Forman's stock went as high as $68.47 -- eclipsing a previous 52-week high of $65.77 last week - but cooled a tad to end at $67.01, a gain of 2.7%.

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